The New Fiduciary Rule (47): Recommendations to Transfer IRAs (SEC)
Key Takeaways Two Texas Federal District Courts have “stayed” the effective dates of the DOL’s new fiduciary regulation and related exemptions, meaning that the private sector will not have to comply with those rules until the cases are resolved. As a result, one-time recommendations to plans, participants and IRAs will not be fiduciary advice for […]
The New Fiduciary Rule (44): The Regulation and Exemptions are Stayed (4)—What Remains?
Key Takeaways Shortly after the DOL’s new regulation defining fiduciary advice and amended Prohibited Transaction Exemptions 2020-02 and 84-24 were finalized, two lawsuits were filed in Federal District Courts in Texas. The lawsuits sought to “vacate,” or overturn, the regulation and exemptions as being beyond the authority of the DOL. In addition, the plaintiffs requested […]
The New Fiduciary Rule (43): The Regulation and Exemptions are Stayed (3)—What Remains?
Key Takeaways Shortly after the DOL’s new regulation defining fiduciary advice and amended Prohibited Transaction Exemptions 2020-02 and 84-24 were finalized, two lawsuits were filed in Federal District Courts in Texas. The lawsuits sought to “vacate,” or overturn, the regulation and exemptions as being beyond the authority of the DOL. In addition, the plaintiffs requested […]
The New Fiduciary Rule (42):The Regulation and Exemptions are Stayed (2)—What Remains?
Key Takeaways Shortly after the DOL’s new regulation defining fiduciary advice and amended Prohibited Transaction Exemptions 2020-02 and 84-24 were finalized, two lawsuits were filed in Federal District Courts in Texas. The lawsuits sought to “vacate”, or overturn, the regulation and exemptions as being beyond the authority of the DOL. In addition, the plaintiffs requested […]